Stonegate Capital Partners Updates Coverage on Seabridge Gold Inc. (SA) 3Q25

Dallas, Texas--(Newsfile Corp. - November 20, 2025) - Seabridge Gold Inc. (NYSE: SA): Stonegate Capital Partners updates their coverage on Seabridge Gold Inc. (NYSE: SA). As of 3Q25, Seabridge Gold maintained a robust financial position, with cash and cash equivalents of $103.1 million, supported by a US$100.2 million equity financing in February 2025 and a $30.5 million flow-through financing in June 2025. Operating costs remain focused on advancing its flagship KSM project and exploration at Iskut, 3 Aces, and Snowstorm. Seabridge also renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025.

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Key Takeaways:

• KSM advanced toward partnership and feasibility with Treaty Creek substation construction on schedule for 4Q26 and field programs progressing to a bankable study.
• Iskut Snip North drilling confirmed a large Cu Au porphyry including 819.7 m at 0.66 g t Au and 0.14% Cu with a maiden resource targeted for 1Q26.
• Quarter end cash was $103.1M with secured note liabilities of $583.1M supporting ongoing programs.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

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